News Releases

TORONTO, January 14, 2008 — RBC Asset Management
Inc. ("RBC AM") today announced the launch of the
RBC O'Shaughnessy U.S. Growth Fund II, adding to its top-performing
lineup of RBC Funds. The fund is designed for long-term investors
looking for exposure to primarily small and mid-cap U.S. securities
with above-average growth potential. All U.S. currency exposure
in the fund is hedged.

"O'Shaughnessy's consistent and time-tested quantitative
approach to security selection has led the RBC O'Shaughnessy
Funds to deliver strong performance over the past ten years,
winning the respect of clients and advisors alike," said
Brenda Vince, president of RBC AM. "Canadians now have
$6 billion invested in the six RBC O'Shaughnessy Funds, the
first three of which were introduced in 1997."

"We're building exceptional track records in the marathon
event of long-term investing," said Jim O'Shaughnessy.
"It's a great partnership with RBC AM, and we're excited
that the RBC O'Shaughnessy US Growth Fund II has been added
to the line-up."

The new fund is an alternative to the RBC O'Shaughnessy U.S.
Growth Fund, which was launched November 1997 and was closed
to new investors on June 30, 2006 due to capacity constraints.
Like all RBC O'Shaughnessy Funds, the new fund follows a disciplined
and transparent methodology for selecting securities with
the best potential.

Starting January 14, 2008, the RBC O'Shaughnessy U.S. Growth
Fund II will be available in a full range of series options
for sale through full service and discount brokers, including
RBC Dominion Securities and RBC Direct Investing. Beginning
February 19, 2008, the fund will also be available through
RBC branches, RBC Invest by Phone and RBC Online Banking.

About RBC Asset Management
RBC Asset Management Inc. is an indirect, wholly owned subsidiary
of Royal Bank of Canada. RBC Asset Management Inc. provides
a broad range of investment services to investors through
mutual funds, pooled funds and separately managed portfolios.
With offices in major financial centres around the world,
RBC Asset Management Inc. is one of Canada's largest money
managers and has over $87 billion in assets under management.

The RBC Asset Management mutual fund family
was awarded the "Best Overall Fund Group" in Canada
for 2007 by Lipper Inc. The prestigious award is part of a
global program of events held by Lipper in 21 countries to
highlight funds and fund families that excel in delivering
consistently strong risk-adjusted performance relative to
their peers. Visit our website at www.rbcam.com.

RBC Asset Management is part of RBC Wealth Management which
directly serves affluent and high net worth clients in Canada,
the United States, Latin America, Europe and Asia, provides
asset management and trust services through RBC partners and
third-party distributors and has over $500 billion of assets
under administration, 3,500 financial advisors and $150 billion
of assets under management.

Please read the prospectus before investing. There may be
commissions, trailing commissions, management fees and expenses
associated with mutual fund investments. Mutual funds are
not guaranteed, their values change frequently and past performance
may not be repeated. RBC Funds are offered by RBC Asset Management
Inc. and distributed through authorized dealers.